Vancouver — Junior Grayd Resource (GYD-V) has inked a deal with a private St. John’s-based company to pick up a significant land position in the Botwood Basin area near Gander, Newfoundland.
The 608 claims adjoin ground optioned last year by Barrick Gold (ABX-T). In 1988, Noranda (NRD-T) drilled seven holes in one area of the claims, cutting up to 1 gram gold per tonne over 13 metres and 4.6 grams gold over 3 metres. The area is considered prospective for “Carlin-style” disseminated gold mineralization.
A program of prospecting and mapping, along with geochemical surveys over the previously identified showings are expected to begin next month.
Grayd can earn 100% of the property by spending $1 million over 5 years, paying $125,000 and issuing 450,000 shares over 3 years. The private company retains a 2% net smelter royalty, of which Grayd can purchase 1% of, for $1 million.
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